Top executives leave BNZ

Bank of New Zealand says its chief operating officer has left and its chief risk officer is stepping down.

Chief operating officer Stephen Mockett left on August 12, the bank said today in a statement to the NZX where it has debt securities listed.

Martin Philipsen has also announced he is stepping down as chief risk officer. He will remain in the position until a replacement is found, BNZ said.

In a further change the BNZ said Paul Suma would be responsible for the office of the chief executive office and the bank's strategy function.

Mr Suma is the current the head of private clients for the states of New South Wales and ACT for NAB Private Wealth.

BNZ, which is owned by National Australia Bank, said it had advised the Reserve Bank of the changes.

The bank did not provide an explanation for the departures in its statement. 

A spokeswoman told NBR that Mr Philipsen had been with the bank for 21 years, including 13 years in leadership, and had decided to take a "well earned sabbatical." 

Mr Mockett had been employed at BNZ for two years and led a number of successful programmes, the spokeswoman said, adding that she did not know where he was headed.

The departures follow the loss of another key member of BNZ's strategy and operations team last week when it was revealed head of external affairs Diane Maxwell has accepted a job at the new Financial Markets Authority.

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